bp: agreements with Apollo on TANAP pipeline

(CercleFinance.com) - bp announces that it has entered into agreements with Apollo for the acquisition, by funds managed by Apollo, of a 25% non-controlling interest in BP Pipelines (TANAP) Ltd - bp TANAP -, the bp subsidiary which holds bp's 12% interest in TANAP, owner and operator of the pipeline transporting natural gas from Azerbaijan through Turkey.


Under the terms of the agreement, the Apollo Funds will acquire this non-controlling interest in bp TANAP for approximately $1bn.

The proceeds of this transaction will contribute to bp's $20bn program of divestments and other proceeds.

While this agreement allows bp to monetize its interest in TANAP, bp will remain the controlling shareholder of bp TANAP and will retain a long-term commercial and strategic interest.


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